9) A firm purchased a piece of equipment for $20,000 on January 2, 2005. Depreciation is calculated on the basis of a ten-year life using the straight-line method (no salvage value); a full year's depreciation is taken in the year of acquisition (2005). The company sold the equipment on December 31, 2010, for $7,400. Assuming a full year's depreciation was taken during the year ended December 31, 2010 (the year in which the equipment was sold), the gain or loss recognized on sale of this equipment (in the year 2010) was: A) $ 7,400 Gain B) $4,600 Gain C) $12,600 Loss D) $4,600 Loss E) $ 600 Loss